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Deed-in-Lieu
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What is a Deed-in-Lieu?
A deed-in-lieu (" deed in lieu of foreclosure") is a borrower's voluntary conveyance of clear and marketable title of the residential or commercial property to Freddie Mac in exchange for a discharge of debt.
Getting Started
If a debtor's hardship is long-term and they're not able to be approved for any retention alternatives or a short sale choice, the Servicer ought to review the customer for a deed in lieu of foreclosure, a much faster and simpler procedure that enables struggling homeowners to exit gracefully from their homes.
The basic deed-in-lieu simplifies and simplifies the deal by:
- Avoiding foreclosure.
- Providing to $7,500 in relocation help for house owners who fulfill certain requirements.
- Accelerating the decision-making procedure by delegating approval of authority to Servicers.
Borrower Eligibility
All customers are eligible for a deed-in-lieu under the list below conditions:
- A debtor who doesn't meet the requirements for a structured deed in lieu of foreclosure need to be experiencing or have experienced one of the qualified challenges noted in Single-Family Seller/Servicer Guide (Guide) Section 9202.2( a).
- The debtor needs to have the ability to communicate clear and marketable title to the mortgaged properties to Freddie Mac.
- The borrower isn't overdue, hasn't gotten a brand-new mortgage in the 6 months preceding the customer's delinquency or, if the borrower is current in the six months preceding evaluation for a deed-in-lieu, the borrower is only permitted to have obtained a brand-new mortgage if their qualified difficulty was distant employment transfer.
- if the Borrower is current, in the six months preceding the examination of the Borrower for a deed-in-lieu of foreclosure.
- The Borrower is just allowed to have gotten a new Mortgage if the Borrower's qualified difficulty was distant work transfer.
Exceptions: There are some situations where the Servicer need to send a deed-in-lieu recommendation to Freddie Mac:
- If the residential or commercial property is condemned and/or broker price opinion (BPO) shows that the residential or commercial property has actually been improperly preserved, has structural/foundation problems or requirements significant repairs.
- If a customer does not fulfill eligibility requirements for a deed in lieu of foreclosure however the Servicer feels it may be the very best alternative for dealing with the delinquency. The Servicer must also submit a complete Borrower Response Package (BRP).
However, unless informed by Freddie Mac, all Servicers are handed over to authorize a deed in lieu of foreclosure that fulfills the eligibility requirements of Section 9209.2( a)
Borrower Documentation
Borrower paperwork is based upon delinquency. Borrowers who are more than 18 months delinquent should be examined for a structured deed-in-lieu.
To find out more about deeds-in-lieu, refer to Chapter 9209.
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Guide and policy
Guided Answer: Deed-in-Lieu. Guide Section 9201.2: Freddie Mac loss mitigation examination hierarchy. Guide Section 9101.4: Foreclosure suspension obligations and additional brief sale and deed-in-lieu of foreclosure requirements once the First Complete Borrower Response Package is received. Guide Section 9208.8: Closing, reporting, drafting and remittance requirements for brief sales and make-whole preforeclosure sales
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Helping you understand standard deed-in-lieu
Guided Answer: Deed-in-Lieu
Related resources and help
Freddie Mac Standard Short Sale FAQ.
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